In my previous blog post I mentioned that mining Bitcoins alone probably wasn't worth it, and suggested investing Bitcoins in a contract mining service such as Pyramining as an alternative. Pyramining is an organisation that has a very efficient Bitcoin mining infrastructure, that you can pay Bitcoins to use. Basically, you invest money and effectively borrow some of their mining hardware. Over time, that hardware earns Bitcoins via mining, and you recover your initial investment, plus a bonus.

Bitcoin is a digital currency that is designed to work like cash. I first heard about it in the June 2012 edition of the IEEE Spectrum magazine. The idea of a digital currency that was not centrally controlled and worked like cash intrigued me, and the fact that it appeared in the primary magazine of the Institute of Electrical and Electronics Engineers added credibility. So, I decided to check it out.